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Teradyne Reports 96 Percent Increase in 2010 Sales; Raises Outlook for First Quarter
|||Q410 revenue of $322 million, down 36 percent from Q310 and up 21 percent from Q409|
|||Q410 diluted non-GAAP income of $0.37 per share, down from $0.82 per share in Q310 and up from $0.17 per share in Q409; Q410 diluted GAAP income of $0.27 per share|
|||Full year 2010 revenue of $1.6 billion, up 96 percent from 2009 revenue of $819 million|
|||Full year 2010 diluted non-GAAP income of $2.20 per share compared with a loss of $0.27 per share in 2009; Full year 2010 diluted GAAP income of $1.73 per share|
|||Q111 guidance: Revenue of $350 million to $375 million; Diluted non-GAAP income of $0.33 to $0.39 per share; Diluted GAAP income of $0.26 to $0.31 per share|
NORTH READING, Mass. January 26, 2011 Teradyne, Inc. (NYSE: TER) reported revenue of $322 million for the fourth quarter of 2010 of which $262 million was in Semiconductor Test and $60 million in Systems Test Group. On a non-GAAP basis, Teradynes net income in the fourth quarter was $71.0 million, or $0.37 per diluted share, which excluded acquired intangible asset amortization, non-cash convertible debt interest, and restructuring and other charges. GAAP net income for the fourth quarter was $60.1 million, or $0.27 per diluted share.
Bookings in the fourth quarter of 2010 were $355 million of which $286 million were in Semiconductor Test and $69 million in Systems Test Group.
For fiscal year 2010, revenue was $1.6 billion. Net income for the year was $422.4 million or $2.20 per share on a non-GAAP basis. The GAAP net income was $379.7 million or $1.73 per share. Bookings for the year were $1.8 billion.
Guidance for the first quarter of 2011 is revenue of $350 million to $375 million, with non-GAAP net income per diluted share of $0.33 to $0.39 and GAAP net income per diluted share of $0.26 to $0.31. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest, and restructuring and other charges.
The fourth quarter capped a tremendous 2010 in which we doubled our revenue, generated the highest profit rate and free cash flow in our history, delivered the highest EPS in ten years, and expanded our System-on-a-Chip (SOC) test market share, said Mike Bradley, Teradyne President and CEO. Weve raised our revenue and earnings guidance for the first quarter based on an improving near-term outlook from our customers and positive trends in electronic end markets.
A conference call to discuss the fourth quarter and fiscal year 2010 results, along with managements business outlook is scheduled at 10 a.m. EST, Thursday, January 27. The call will be broadcast simultaneously over the Internet. Interested investors should access the webcast at www.teradyne.com and click on Investors at least five minutes before the call begins.
The following information was filed by Teradyne, Inc (TER) on Thursday, January 27, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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